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Oil extended its losses after recording its steepest weekly decline since April 2020, with Brent near $97 a barrel and WTI around $90. Traders weighed diplomatic efforts to end the Iran conflict against renewed regional attacks, while Trump described further US strikes as highly unlikely if negotiations advanced and Secretary of State Marco Rubio said Iran’s demands remained unacceptable.
Prospects for de-escalation reduce the risk premium and weigh on crude, while continued attacks around the region and shipping routes leave supply risks in place.
asharqbusiness.comNov 9, 2026After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
